Why Tangem Wallet’s New Patent is the Best Thing Since Sliced Bread (and Crypto)

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Well, well, well! The United States Patent and Trademark Office (USPTO) has finally decided to pay attention to Tangem, granting them a shiny new patent for their private key backup technology. 🎉 This monumental decision came on Tuesday, January 28, after the USPTO realized that Tangem’s method for securely transferring private keys through untrusted devices is, like, totally revolutionary. Who knew? 🙄

A New Way to Protect Crypto Keys Without Direct Handling

So, this patent, which has a title longer than my last relationship, “Systems and methods for transferring secret data via an untrusted intermediary device,” is all about keeping your crypto keys safe without the stress of having to remember where you hid that seed phrase. Spoiler alert: it’s not in your sock drawer! 🧦

Thanks to this backup technology, users can now transfer private keys between Tangem’s hardware wallets and their smartphones without having to play a game of “hot potato” with their keys. 🎮

And while this sounds like a user-friendly solution, it still maintains the highest security standards. Because, you know, we can’t have our crypto assets being treated like a piñata at a kid’s birthday party! 🎉

Let’s be real, self-custody is like a double-edged sword. Sure, you get to control your crypto assets, but it’s also a bit like walking a tightrope over a pit of alligators. 🐊 One wrong move, and your private keys could be stolen or, worse, lost forever. Yikes!

Enter Tangem’s patented backup technology! Instead of dealing with the private key directly, users can create backup authentication devices. It’s like having a backup dancer for your crypto keys—always there to support you! 💃

And get this: the new tech comes with exclusive features like a seedless backup process and trustless intermediary transfer. This means Tangem’s backup tech can transmit private keys as secret data between two trusted devices, like a Tangem card or a wearable ring. It’s like a secret handshake, but for your crypto! 🤝

Speaking of security, Tangem’s Chief Technology Officer Andrey Lazutkin claims their tech doesn’t care what type of device is being used as an intermediary. He also boasted about the encryption of the keys, saying they couldn’t be intercepted. So, basically, your keys are safer than your grandma’s secret cookie recipe! 🍪

Past Controversies in Private Key Backup

Now, here’s where it gets juicy. Private key backup has been a tough sell in the crypto community, despite its obvious benefits. It’s like trying to convince people that kale is delicious—good luck with that! 🥬

In 2023, hardware wallet provider Ledger faced a backlash after introducing a cloud-based private key recovery system. Many community members were like, “Um, no thanks! That sounds like a security risk.” 🙅‍♀️

And let’s not forget Tangem’s own drama in 2024 when a security issue with its mobile app accidentally exposed some users’ private keys via email. Oops! They quickly acknowledged the issue and resolved it, but it was a classic case of “oops, my bad!” 😬

To this day, trusting anyone other than yourself with a private key is a hot topic in the crypto community. But Tangem is holding onto the hope that securing a US patent will help boost overall crypto adoption. Fingers crossed! 🤞

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2025-01-29 19:41